NAICS Code 525110-03 - Individual Retirement Accounts
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NAICS Code 525110-03 Description (8-Digit)
Hierarchy Navigation for NAICS Code 525110-03
Parent Code (less specific)
Tools
Tools commonly used in the Individual Retirement Accounts industry for day-to-day tasks and operations.
- IRA calculators
- Retirement planning software
- Investment management software
- Tax preparation software
- Financial planning software
- Asset allocation tools
- Risk assessment tools
- Portfolio analysis tools
- Retirement income calculators
- IRA contribution trackers
Industry Examples of Individual Retirement Accounts
Common products and services typical of NAICS Code 525110-03, illustrating the main business activities and contributions to the market.
- Retirement savings
- Tax-advantaged savings
- Investment accounts
- Wealth management
- Financial planning
- Retirement planning
- Asset management
- Personal finance
- Retirement income
- Tax planning
Certifications, Compliance and Licenses for NAICS Code 525110-03 - Individual Retirement Accounts
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Certified Retirement Counselor (CRC): A certification provided by the International Foundation for Retirement Education (InFRE) that demonstrates expertise in retirement planning, including individual retirement accounts. The certification requires passing an exam and completing continuing education credits. More information can be found at:
- Chartered Retirement Planning Counselor (CRPC): A certification provided by the College for Financial Planning that demonstrates expertise in retirement planning, including individual retirement accounts. The certification requires passing an exam and completing continuing education credits. More information can be found at:
- Series 6 License: A license provided by the Financial Industry Regulatory Authority (FINRA) that allows individuals to sell mutual funds, variable annuities, and other investment products, including those related to individual retirement accounts. More information can be found at:
- Series 7 License: A license provided by FINRA that allows individuals to sell a wider range of securities, including those related to individual retirement accounts. More information can be found at:
- Series 63 License: A license provided by FINRA that allows individuals to sell securities in a particular state, including those related to individual retirement accounts. More information can be found at:
History
A concise historical narrative of NAICS Code 525110-03 covering global milestones and recent developments within the United States.
- Individual Retirement Accounts (IRAs) were first introduced in the United States in 1974 as part of the Employee Retirement Income Security Act (ERISA). The purpose of IRAs was to provide a tax-advantaged way for individuals to save for retirement. In the early years, IRAs were only available to those who were not covered by a workplace retirement plan. However, in 1981, the rules were changed to allow anyone to contribute to an IRA, regardless of whether they had a workplace plan or not. In the years since, IRAs have become an increasingly popular way for Americans to save for retirement. In recent years, the industry has seen the introduction of new types of IRAs, such as the Roth IRA, which allows for tax-free withdrawals in retirement, and the myRA, a government-sponsored IRA designed to help low- and middle-income workers save for retirement.
Future Outlook for Individual Retirement Accounts
The anticipated future trajectory of the NAICS 525110-03 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
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Growth Prediction: Stable
The future outlook for the Individual Retirement Accounts industry in the USA is positive. The industry is expected to grow due to the increasing number of baby boomers reaching retirement age and the need for retirement savings. The industry is also expected to benefit from the growing popularity of self-directed IRAs, which allow individuals to invest in alternative assets such as real estate and private equity. Additionally, the industry is likely to benefit from the increasing use of technology, which is making it easier for individuals to open and manage IRAs online. However, the industry may face challenges from regulatory changes and market volatility. Overall, the industry is expected to continue to grow in the coming years.
Industry Innovations for NAICS Code 525110-03
Recent groundbreaking advancements and milestones in the Individual Retirement Accounts industry, reflecting notable innovations that have reshaped its landscape.
- Robo-Advisors: Robo-advisors are automated investment platforms that use algorithms to provide investment advice and manage portfolios. They have become increasingly popular in recent years and are now being used by many IRA providers to offer low-cost investment options to their clients.
- Self-Directed Iras: Self-directed IRAs allow individuals to invest in a wide range of alternative assets such as real estate, private equity, and cryptocurrencies. This has become increasingly popular in recent years as investors look for ways to diversify their portfolios.
- Online Account Management: Many IRA providers now offer online account management, which allows clients to easily manage their accounts, make contributions, and track their investments.
- Socially Responsible Investing: Socially responsible investing has become increasingly popular in recent years, and many IRA providers now offer socially responsible investment options to their clients.
- Automatic Contributions: Many IRA providers now offer automatic contribution options, which allow clients to set up regular contributions to their accounts. This makes it easier for individuals to save for retirement and ensures that they are consistently contributing to their accounts.
NAICS Code 525110-03 - Individual Retirement Accounts
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